Credit Report- Collection
10-26-2012 12:21 PM
I am just out of college. So I do not have a long credit history. However, I do have student loans, auto loan and personal loan. Also, a maurices card and I am an authorized signer on another credit card. Currently my lowest credit score is 620. The reason for this is when I was 19 I had to go to the hospital and so the medical bill was technically in my name, however I have never seen the bill simply because my parents were paying the medical bill, as do most parents for any 19 year old college student. Now that I am 20 (still young I know) My fiance and I are looking to buy a house, his credit is 744 so his isn't a problem but mine is a hindrance on this purchase. I saved up and paid the entire balance off the collection, and they did in fact send me a signed fax saying that they requested for removal from my credit report. That was around OCT 15. They said they report every month so that it should not be on my credit report come November, at the latest December. I'm wondering if this will improve my credit report tremendously seeing as it is the only derogatory thing on my credit report, if it gets removed at all that is. If it doesn't get removed what would be my next steps after this? Seeing as it would be stuck with me until I'm at least 26, and I don't think that I can wait that long to get a house. We are preapproved for a loan, but because of my credit we have to put 20% down, which we just plain can't afford. We can however afford 3.5- 5% down If anyone could provide insight that would be so much help! I'll greatly appreciate any information one could offer! Thanks!